Corporate report

Published: Tuesday, January 1, 2013 at 1:00 a.m.

Last Modified: Monday, December 31, 2012 at 8:16 p.m.

LodgeNet Interactive Corp. (LNET) -- The provider of video, Internet and advertising services to the lodging and health care sectors said it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital. LodgeNet said it will continue to operate during the expedited bankruptcy process. When complete, Colony will own LodgeNet. LodgeNet says a Colony Capital affiliate will provide it with $60 million in new capital, and that funding will be used to support a recapitalization of the company. It also received commitments for up to $15 million in debt financing from creditors. LodgeNet, based in Sioux Falls, S.D., said its lenders will extend their credit agreements. The company said it has a secured credit facility worth about $346 million. LodgeNet also said it will form a strategic partnership with DirecTV LLC in the hospitality and health care markets. The company's shares closed Monday at 5 cents, down 3 cents, or 35 percent.

<p>LodgeNet Interactive Corp. (LNET) -- The provider of video, Internet and advertising services to the lodging and health care sectors said it is filing for Chapter 11 bankruptcy protection and will be acquired by investment firm Colony Capital. LodgeNet said it will continue to operate during the expedited bankruptcy process. When complete, Colony will own LodgeNet. LodgeNet says a Colony Capital affiliate will provide it with $60 million in new capital, and that funding will be used to support a recapitalization of the company. It also received commitments for up to $15 million in debt financing from creditors. LodgeNet, based in Sioux Falls, S.D., said its lenders will extend their credit agreements. The company said it has a secured credit facility worth about $346 million. LodgeNet also said it will form a strategic partnership with DirecTV LLC in the hospitality and health care markets. The company's shares closed Monday at 5 cents, down 3 cents, or 35 percent.</p><!-- Nothing to do. The paragraph has already been output -->